Daily Pivots: (S1) 148.63; (P) 149.97; (R1) 150.83; More…
Intraday bias in USD/JPY is turned neutral again as it quickly reversed after recovering to 151.29. Overall outlook is unchanged that the decline from 158.86 is seen as the third leg of the corrective pattern from 161.94 high. On the downside, below 148.55 will resume the fall and target 61.8% retracement of 139.57 to 158.86 at 146.32 next. On the upside, break of 151.29 will delay the bearish case, and bring more consolidations.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). In case of another fall, strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
